Copper price breaks 2011 record

Copper prices grew on April 26, renewing a record since 2011, amid a weakening US dollar and concerns over supplies from Chile, Report informs referring to RIA Novosti.

As of 8:58 (GMT+4), the cost of July futures for copper on the New York Mercantile Exchange and Commodity Exchange, Inc (COMEX) was growing by 0.94 percent, to $4.3842 per pound (about 0.45 kilograms). Earlier on April 26, the figure reached $4.3943, the highest level since early August 2011.

At the London Metal Exchange (LME), the cost of a ton of copper with delivery in three months after trading on April 23 increased by 1.6 percent, to $9,551.5, aluminum – by 0.06 percent, to $2,364.5, zinc – by 1.05 percent to $2,852 per ton.

The dollar index (the US dollar’s exchange rate against currencies of six countries – the main trading partners of the US) is now decreasing by 0.17 percent, to 90.7 points. This is the lowest level since the beginning of March. A cheaper dollar makes commodities, including copper, more readily available when purchased in a different currency.

Traders are also paying attention to the situation in Chile. Port workers in the country, which accounts for about a quarter of the world’s copper supply, have called for a strike, the Wall Street Journal reports referring to CBA analysts.